1 answer

PLEASE DO IN EXCEL AND POST A PICTURE OF THE SHEET Problem #2: You have taken...

Question:

PLEASE DO IN EXCEL AND POST A PICTURE OF THE SHEET

Problem #2: You have taken a loan of $281,000. You can afford to pay monthly payments of $1964.37. This loan will be repaid i

Problem #2: You have taken a loan of $281,000. You can afford to pay monthly payments of $1964.37. This loan will be repaid in 23 years. What is the nominal annual rate of interest charged on this loan? Problem #2: Answer as a percentage, correct to 2 decimals

Answers

Ans 6.50%

P = Regular Payments
PV = Loan Amount
r = rate of interest
n = no of periods
P = r (PV)
1 - (1 + r )-n
1964.37 = (r%/12)*281000
1 - (1 / (1 + r%/12)^276))
1964.37 / 281000 = (r%/12)
1 - (1 / (1 + r%/12)^276))
0.00699064056939502 = (r%/12)
1 - (1 / (1 + r%/12)^276))
r = 6.50%
.

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